The European Regional development Fund (ERDF) is one of Five main EU Funds that work together to support economic development across all EU countries, in line with the objectives of the Europe 2020 strategy
The ERDF aims to strengthen economic and social cohesion in the European Union by correcting imbalances between its regions.
The ERDF focuses its investments on several key priority areas. This is known as 'thematic concentration':
- Innovation and research;
- The digital agenda;
- Support for small and medium-sized enterprises (SMEs);
- The low-carbon economy.
The ERDF is funding both of the Target 2020 programmes which are aimed at supporting SMEs to reduce Green House Gas emissions through improved energy efficiency resulting in lower running costs and improved profitability.
It is hoped that there will also be a knock-on effect benefiting the local economy from the predominant use of local businesses to install the energy efficiency measures
Worcestershire Target 2020 Project
Funded by the European Regional Development Fund, the Worcestershire Target 2020 Project will support 200 Worcestershire based small and medium sized enterprises over three years.
Gloucestershire Target 2020 Project
Funded by the European Regional Development Fund, the Gloucestershire Target 2020 Project will support 300 Gloucestershire based small and medium sized enterprises over three years.